On May 24, Lithuania, a European Union (EU) member state, granted a licence to Taiwanese blockchain fintech enterprise XREX, a ‘Virtual Asset Service Provider’. The decision allows the Taiwanese crypto business to enter the larger European market.
XREX is a Taipei-based neo-fintech firm that provides blockchain-driven financial services such as online escrow service BitCheck and the crypto-fiat XREX Exchange. The company also officially announced the approval of the licence on Twitter.
In Lithuania, XREX will offer cryptocurrency exchange operations against fiat currency, AML compliance, and virtual currency wallet services in accordance with Lithuanian rules. By the number of licenced firms, Lithuania is the EU’s largest fintech centre.
The licence to operate as a crypto service provider granted by Lithuania is the first of its type for the East Asian country within the European Union. In Estonia, XREX previously got a ‘Trust and Company’ service approval as well as a ‘Financial Institution’ licence.
“XREX intends to connect advanced economies with developing countries, including India, Africa, the Middle East, and others,” according to a business blog post. Operating in Lithuania will assist XREX in closing the gap between the EU and developing nations.”
According to the International Monetary Fund, Taiwan has the eighth biggest economy in Asia and the 18th largest in the world in terms of purchasing power parity. The nation also plays a vital role in the world economy, being one of the leading participants in the information and communication technology sector as well as having one of the largest foreign reserves.
With public interest in blockchain at an all-time high last year, the local Financial Supervisory Commission (FSC) established severe Anti-Money Laundering and Know Your Customer regulations when dealing with cryptocurrencies beginning in April 2021.
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